Required information [The following information applies to the questions displayed below.] Golden Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit. (4) all debits to Accounts Payable reflect cash payments for inventory. (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company's balance sheets and income statement follow, GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Futu $ 166,000 86,000 604,eee 856,000 340, 300 (159,000) $1,037,300 $ 109,200 73,000 528,eee 710,200 301, eee (185,000) $906, 200 $ $ 91, 30,000 121,eee 1 73,000 26, 120 99, 100 Saved 340, 300 (159,800) $1,037,380 301, eee (105, 000) $ 906,200 Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity 91, eee 3e, eee 121, eee $ 73,000 26, 100 99, 100 596, eee 198,000 122,300 $1,037,300 570, eee 163, eee 74,100 $ 986,200 $1,802,000 1,088,000 714,000 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,000 Other expenses 496,000 Income before taxes Income taxes expense Net income 550,000 164,000 24,800 139,200 $ Additional Information on Year 2017 Transactions a. Purchased equipment for $39,300 cash. b. Issued 12,200 shares of common stock for $5 cash per share. c. Declared and paid $91,000 in cash dividends. Required: Prepare a complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to t indirect method. (Amounts to be deducted should be indicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Prev 1 of 1 !!! Next >